TSX-V: GBR
VANCOUVER, Dec. 5, 2019 /CNW/ - Great Bear Resources Ltd.
(the "Company" or "Great Bear", TSX-V: GBR) today reported the
significant expansion of its ongoing drill program at its flagship
Dixie project in the Red Lake
district of Ontario, from 90,000
metres to 200,000 metres. The Company will also add
additional drill rigs, beginning in January
2020. The expanded drill program remains
fully-funded with a 2020 budget of $21
million, and the Company has the ability to further
augment the program with cash on hand.
Details include:
- Great Bear currently has $31
million in cash and an additional approximately
$10 million of in-the-money warrants
for a total potential cash position of approximately
$41 million.
- The expanded Dixie exploration program has a $21 million budget.
- Approximately 110,000 additional metres will be added to
the current 90,000 metre drill program, for a total of 200,000
metres of drilling to be completed by the end of 2020.
- All-in drill costs remain well below the industry average, at
approximately $175 - $185/m.
- Drilling will continue year-round.
- Drilling will focus on 1) the known gold zones at the LP
Fault, Hinge Zone, Dixie Limb, and North Fault, and 2)
additional new targets across the 22 kilometre strike length
of the Dixie property.
- Higher-capacity drill rigs have been mobilized to the
property to increase production rates at shallow depths, and
to allow penetration of up to 2,000 metres depth as may be
required.
- The Company anticipates having five drills active on site
early in 2020, and may further adjust this number as
required.
Chris Taylor, President and CEO
of Great Bear said, "We are about to undertake one of Canada's largest gold-focused exploration
drill programs in 2020, as we expect to have completed over 200,000
metres of drilling by the end of next year. It's remarkable
to think that when our drilling began two years ago, the Hinge Zone
and the multiple zones along the LP Fault were still waiting to be
discovered. As we enter 2020, over 80% of the Dixie property
remains to be explored. With over $30
million on hand, more and larger drill rigs, and the
knowledge we've gained through our ongoing successes, we can now
further accelerate that discovery process. We anticipate 2020
will mark our most exciting year to-date."
About Great Bear
Great Bear Resources Ltd. (TSX-V: GBR) is a
well-financed company based in Vancouver,
Canada, managed by a team with a track record of success in
the mineral exploration sector. Great Bear holds a 100% interest in
its flagship Dixie property, which is road accessible year-round
via Highway 105, a 15-minute drive from downtown Red Lake, Ontario. The Red Lake mining district is one of the premier
mining districts in Canada,
benefitting from major active mining operations including the Red
Lake Gold Mine of Newmont Goldcorp Corp., plus modern
infrastructure and a skilled workforce. Production from the
Red Lake district does not
necessarily reflect the mineralization that may, or may not be,
hosted on the Company's Dixie property.
The Dixie property hosts different styles of gold
mineralization. High-grade gold-bearing quartz veins and
silica-sulphide replacement zones hosted by mafic volcanic rocks,
and localized near regional-scale D2 folds, occur at the Dixie Limb
and Hinge Zones. These mineralization styles are also typical
of the significant mined deposits of the Red Lake district.
The LP Fault is large a trans-crustal deformation zone that is
interpreted to traverse the Dixie property for approximately 20
kilometres of strike length and has been drilled along 4.0
kilometres of strike length to-date. It hosts high-grade gold
mineralization that is controlled by structural and geological
contacts, and low to moderate grade disseminated gold that
surrounds and flanks the high-grade intervals. The dominant
gold-hosting stratigraphy consists of felsic sediments and volcanic
units.
In addition, Great Bear is also earning a 100% royalty-free
interest in the Pakwash, Dedee and Sobel properties, which cover
regionally significant gold-controlling structures and prospective
geology. All of Great Bear's Red
Lake projects are accessible year-round through existing
roads.
Mr. R. Bob Singh, P.Geo, Director
and VP Exploration, and Ms. Andrea Diakow
P.Geo, Exploration Manager for Great Bear are the Qualified
Persons as defined by National Instrument 43-101 responsible for
the accuracy of technical information contained in this news
release.
For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at
604-646-8354, or Mr. Knox Henderson, Investor Relations, at
604-551-2360.
ON BEHALF OF THE BOARD
"Chris
Taylor"
Chris Taylor, President and
CEO
Inquiries:
Tel: 604-646-8354
Fax: 604-646-4526
info@greatbearresources.ca
www.greatbearresources.ca
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This new release may contain forward-looking statements.
These statements are based on current expectations and assumptions
that are subject to risks and uncertainties. Actual results could
differ materially because of factors discussed in the management
discussion and analysis section of our interim and most recent
annual financial statement or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements.
We seek safe harbor
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SOURCE Great Bear Resources Ltd.